S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9710
 
                           I N  A S S E M B L Y
 
                               April 3, 2024
                                ___________
 
 Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to  enacting  the
   "homebuyer renovation property tax exemption act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "homebuyer renovation property tax exemption act".
   §  2.  Legislative  findings.  The  legislature finds that much of New
 York's current housing stock is old and in need of repair, yet often the
 repairs are beyond the financial capability  of  many  homeowners.  This
 bill  would  give  homeowners  who  invest  in their property needed tax
 relief for a period of five years to allow them to  recoup  the  invest-
 ments  made  in their property and incentivize the revitalization of our
 existing housing stock. This incentive will bring abandoned and  dilapi-
 dated  homes  back  to  life  and  help  expand the housing stock of the
 future.
   § 3. The real property tax law is amended  by  adding  a  new  section
 421-p to read as follows:
   § 421-P. EXEMPTION FOR RENOVATED HOMES. 1. PRIMARY RESIDENTIAL PROPER-
 TY  PURCHASED  AFTER  THE  EFFECTIVE DATE OF THIS SECTION BY ONE OR MORE
 PERSONS, WHO EITHER AS PART OF THE WRITTEN  CONTRACT  FOR  SALE  OF  THE
 PRIMARY  RESIDENTIAL  PROPERTY,  OR  WHO  ENTERS INTO A WRITTEN CONTRACT
 WITHIN ONE HUNDRED EIGHTY DAYS AFTER CLOSING OF THE SALE OF THE  PRIMARY
 RESIDENCE  FOR  RECONSTRUCTION, ALTERATION OR IMPROVEMENTS, THE VALUE OF
 WHICH EXCEEDS FIFTEEN THOUSAND DOLLARS, TO THE PRIMARY RESIDENTIAL PROP-
 ERTY, SHALL BE EXEMPT FROM TAXATION LEVIED BY OR ON BEHALF OF ANY  COUN-
 TY,  CITY,  TOWN,  VILLAGE  OR SCHOOL DISTRICT IN WHICH SUCH RESIDENTIAL
 PROPERTY IS LOCATED FOR A PERIOD OF FIVE YEARS FROM THE DATE OF PURCHASE
 OF THE PROPERTY. SUCH EXEMPTION SHALL APPLY SOLELY TO  THE  INCREASE  IN
 ASSESSED  VALUE THEREOF ATTRIBUTABLE TO SUCH RECONSTRUCTION, ALTERATION,
 OR IMPROVEMENT. FOR THE PURPOSES OF THIS SECTION,  THE  PURCHASE  OF  AN
 APPLIANCE,  INCLUDING,  BUT  NOT LIMITED TO, A REFRIGERATOR, OVEN, DISH-
 WASHER, WASHER, OR DRYER, SHALL NOT CONSTITUTE AN IMPROVEMENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14933-01-4
 A. 9710                             2
 
   2. (A) NO PORTION OF A  SINGLE  FAMILY  PRIMARY  RESIDENTIAL  PROPERTY
 SHALL  BE  LEASED  DURING  THE  PERIOD OF TIME WHEN SUCH EXEMPTION SHALL
 APPLY TO THE RESIDENCE. IF ANY PORTION  OF  THE  SINGLE  FAMILY  PRIMARY
 RESIDENTIAL  PROPERTY  IS  FOUND TO BE THE SUBJECT OF A LEASE AGREEMENT,
 THE  ASSESSOR  SHALL  DISCONTINUE ANY EXEMPTION GRANTED PURSUANT TO THIS
 SECTION.
   (B) IN THE EVENT  THAT  A  PRIMARY  RESIDENTIAL  PROPERTY  GRANTED  AN
 EXEMPTION PURSUANT TO THIS SECTION CEASES TO BE USED PRIMARILY FOR RESI-
 DENTIAL PURPOSES OR TITLE THERETO IS TRANSFERRED TO OTHER THAN THE HEIRS
 OR  DISTRIBUTEES  OF  THE  OWNER, THE EXEMPTION GRANTED PURSUANT TO THIS
 SECTION SHALL BE DISCONTINUED.
   (C) UPON DETERMINING  THAT  AN  EXEMPTION  GRANTED  PURSUANT  TO  THIS
 SECTION  SHOULD  BE  DISCONTINUED,  THE  ASSESSOR SHALL MAIL A NOTICE SO
 STATING TO THE OWNER OR OWNERS THEREOF AT THE TIME  AND  IN  THE  MANNER
 PROVIDED  BY  SECTION  FIVE  HUNDRED  TEN OF THIS CHAPTER. SUCH OWNER OR
 OWNERS SHALL BE ENTITLED TO SEEK ADMINISTRATIVE AND JUDICIAL  REVIEW  OF
 SUCH  ACTION  IN  THE  MANNER  PROVIDED BY LAW, PROVIDED THAT THE BURDEN
 SHALL BE ON SUCH OWNER  OR  OWNERS  TO  ESTABLISH  ELIGIBILITY  FOR  THE
 EXEMPTION.
   3.  SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
 OF SUCH RESIDENTIAL PROPERTY ON A FORM PRESCRIBED BY  THE  COMMISSIONER.
 THE  APPLICATION  SHALL  BE  FILED  WITH THE ASSESSOR OF THE CITY, TOWN,
 VILLAGE OR COUNTY HAVING THE POWER TO ASSESS PROPERTY FOR TAXATION ON OR
 BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH CITY,  TOWN,  VILLAGE
 AND COUNTY.
   4.  IF SATISFIED THAT THE APPLICANT IS ENTITLED TO AN EXEMPTION PURSU-
 ANT TO THIS SECTION, THE ASSESSOR SHALL APPROVE THE APPLICATION AND SUCH
 PRIMARY RESIDENTIAL PROPERTY SHALL THEREAFTER BE EXEMPT FROM TAXATION AS
 PROVIDED IN THIS SECTION COMMENCING WITH THE ASSESSMENT ROLL PREPARED ON
 THE BASIS OF THE TAXABLE STATUS DATE REFERRED TO IN SUBDIVISION  ONE  OF
 THIS  SECTION.  THE  ASSESSED VALUE OF ANY EXEMPTION GRANTED PURSUANT TO
 THIS SECTION SHALL BE ENTERED BY THE ASSESSOR  ON  THE  ASSESSMENT  ROLL
 WITH  THE  TAXABLE PROPERTY, WITH THE AMOUNT OF THE EXEMPTION SHOWN IN A
 SEPARATE COLUMN.
   5. FOR PURPOSES OF THIS SECTION, "PRIMARY RESIDENTIAL PROPERTY"  MEANS
 ANY  ONE  OR  TWO FAMILY HOUSE, TOWNHOUSE OR CONDOMINIUM LOCATED IN THIS
 STATE WHICH IS OWNER OCCUPIED BY SUCH HOMEBUYER.
   § 4. The commissioner of taxation and  finance  shall  promulgate  any
 rules and regulations necessary to implement the provisions of this act.
   § 5. This act shall take effect January 1, 2025.